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ByGustan Cho
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This guide covers qualifying for a home loan downsizing to a smaller home. It makes no sense in having a large home when the kids leave. Many homeowners who become empty nesters only use a portion of their home. However, homeowners with a large home spend a lot of money on utilities, insurance, maintenance, and…
ByGustan Cho
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There is no reason why a pre-approved borrower should ever get a last-minute mortgage denial by a mortgage underwriter. The main reason why borrowers get a last-minute mortgage
ByGustan Cho
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This article covers how underwriters view liabilities In mortgage qualification. Income and liabilities in mortgage qualification are the two most important factors when lenders qualify borrowers. Borrowers can have high verified income, but if they have many liabilities in mortgage qualification, they may not qualify by themselves. Every mortgage loan program has debt-to-income ratio requirements….
ByGustan Cho
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This guide covers things that can delay your mortgage loan closing. A mortgage loan should be able to close in 30 days of less. Whether it is a new home purchase mortgage loan or a refinance mortgage loan, a complete mortgage application package consists of a lot of materials. We have discussed the mortgage application…
ByGustan Cho
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Your mortgage lender checks your credit when you apply for a home loan. Your credit score determines your mortgage rate and also if you qualify for a loan.
ByGustan Cho
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Borrowers should not stress during the mortgage process. . There is no reason why there should be stress during the mortgage process.
ByGustan Cho
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This guide covers the steps in mortgage process for closing home loan on time. Homebuyers looking to purchase a new home or homeowners looking to refinance their current home loans need to go through steps in mortgage process. The first steps in mortgage process are the qualification and pre-approval stages. The pre-approval stage is by…
ByGustan Cho
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This guide covers mortgage underwriter errors causing borrowers a loan denial. Mortgage underwriter errors do happen. Underwriters are human and are not perfect. There are thousands of pages when it comes to mortgage agency guidelines that it is impossible to remember it all. Many loan officers often get frustrated when they know a particular agency…
ByRonda Butts
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In this blog post, we will explore a tackle problem many borrowers face – Mortgage Denied After Pre-Approval. The landscape of qualifying for a residential mortgage loan has undergone significant changes in recent years, presenting distinctions from past processes. Despite obtaining pre-approval, instances of mortgage denied after pre-approval persist, leaving many borrowers needing clarification. It’s…
ByPeter Arcuri
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In this guide, we address underwriters conditions to pave the way for a clear-to-close submission. Whether individuals seek approval for a home purchase mortgage loan or aim to refinance, the approval procedures remain consistent. Please submit all the required underwriting conditions to avoid delays during the mortgage loan closing process. The focal point of this…
ByGustan Cho
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This blog delves into the significance of non-traditional credit in mortgage qualification process, particularly focusing on scenarios where borrowers lack conventional credit scores. A prevalent situation arises with recent college graduates with no credit history. This absence of credit scores is common among individuals who have recently completed their college education. Despite the absence of…
ByGustan Cho
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This guide covers avoiding home loan denial during the mortgage process. We will go deeply in giving our viewers tips and steps to take in avoiding home loan denial mainly relies on the loan officer. There is no reason why mortgage applicants should get a mortgage denial if they were properly qualified. A borrower should…
ByApril Ramirez
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In this article, we will cover and discuss how credit disputes affect mortgage process and cause loan denial. The pre-approval stage of the mortgage process is the most important part of the overall mortgage loan process. Credit disputes are not allowed on FHA loans during the mortgage process unless the credit disputes are exempt, says…
ByGustan Cho
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This article will cover what escrow hold back is in the mortgage loan process. We will discuss escrow hold back mortgage guidelines for repairs. Nothing is worse than approaching your closing date and having issues arise. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains escrow hold backs for home repairs as follows:…
ByGustan Cho
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This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…
ByGustan Cho
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In this blog, we will be covering the QC Review Prior Clear To Close During Mortgage Process by some mortgage lenders. The mortgage application and approval process starts when borrowers submit all of their financial and credit information to the mortgage lender. The mortgage process starts once the borrower is pre-approved and submits an executed…
ByGustan Cho
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According to VA and HUD Chapter 13 cash-out refinance guidelines, homeowners may be eligible for a cash-out refinance on an FHA or VA loan, allowing them to pay off their Chapter 13 Bankruptcy ahead of schedule. VA and FHA loans are the only mortgage loan programs that permit borrowers to purchase or refinance a home…
ByGustan Cho
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This blog will cover and discuss the FHA case number on new FHA mortgage applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most popular loan program in the U.S. Borrowers with lower prior bad credit scores can benefit from FHA loans compared to conventional loans. Not…
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator but think that the loan amount is not enough may have options. Debt-to-income ratio is the determinant on how much borrowers can qualify for. Overlays on debt-to-income ratio can limit maximum loan amounts borrowers can…
ByGustan Cho
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Kentucky’s economy is booming, especially the housing market. Many individual taxpayers and businesses are making Kentucky their home due to low state taxes and affordable housing and low property taxes. Homebuyers are finding home priced reasonably and home prices are beginning to creep up.
ByAlex Carlucci
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This guide covers non-QM down payment guidelines on home purchase. Non-QM down payment guidelines on home purchase for homebuyers on non-QM mortgages: If you are in the market for a mortgage, minimum down payment requirements are probably on your mind. In this blog, we will detail down payment requirements on the mortgage products we offer….
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